The On Balance Volume Signal Alert indicator for MT4 provides buy and sell signal alerts that are based on the On Balance Volume forex indicator.
You’ll notice blue and red bullets on top of the chart (see chart below).
- A blue bullet represents a buy signal
- A red bullet represents a sell signal
Blue and red bullet signal alerts works for all timeframe’s, from the 1-minute timeframe up to the monthly timeframe.
Furthermore, this forex indicator displays your account leverage, balance, equity, current spread, signal, suggested buy or sell trade, and more…
The EUR/JPY M1 chart below displays the On Balance Volume Signal Alert Metatrader 4 forex indicator in action.
Basic Trading Signals
Signals from the On Balance Volume Signal Alert MT4 indicator are easy to interpret and goes as follows:
Buy Signal: Initiate buy order when the indicator displays “Suggested: open BUY order”.
Place a protective stop loss below the most recent support level. Confirm the buy trade with other indicators or analysis tools.
Sell Signal: Initiate sell order when the indicator displays “Suggested: open SELL order”.
Place a protective stop loss above the most recent resistance level. Confirm the sell trade with other indicators or analysis tools.
MT4 Indicator Characteristics
Currency pairs: Any
Platform: Metatrader 4
Type: chart window indicator
Customization options: Variable (close price, on top chart, display alerts, email alert, send notification, display trade info), width & Style.
Time frames: 1-Minute, 5-Minutes, 15-Minutes, 30-Minutes, 1-Hour, 4-Hours, 1-Day, 1-Week, 1-Month
Copy and paste the OBVMTF.mq4 indicator into the MQL4 indicators folder of the Metatrader 4 trading platform.
You can access this folder from the top menu as follows:
File > Open Data Folder > MQL4 > Indicators (paste here)